BREA / FULLERTON : Schools Try to Recoup Funds From County
Brea-Olinda Unified School District trustees passed a resolution this week seeking the return of 100% of the district’s investment in the failed Orange County bond portfolio.
Trustees of the Fullerton School District said Tuesday that they intend to pass a similar resolution.
Brea’s resolution urges the County Board of Supervisors to give back all the money received from investors in the bankrupt pool. It also urges the Orange County Investment Pool Official Participants’ Committee to oppose any plan that does not demand full payment.
Brea-Olinda Trustee Todd A. Spitzer said he would oppose tax increases in order to get the funds back. Supt. Peggy Lynch told the board that the intent of the resolution was to avoid raising taxes.
Brea Olinda had $8.8 million and Fullerton had $4.9 million in the pool when the county went bankrupt.
Officials of both districts said they expect to receive all their money back with interest.